Complaint Review: Wells Fargo Bank N/A - Kentwood Michigan
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- Author Not Confirmed
Wells Fargo Bank N/A David Olson lied to get customer to believe him Kentwood, Michigan
*Author of original report: Wells Fargo still sucks
*Author of original report: 24 lies my lender WF told me
*Author of original report: well?
*General Comment: I know what has happened
*Consumer Comment: What?
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here are the things we are going through with Wells Fargo Financial, very unhappy with and abusive predatory tactics/promises
on 02/18/08 we financed our home with Wells Fargo Financial to pay off debt that we inquired during the rebuilding process of our home, the home was previuosly free & clear, we dealt with Trishia Hunt, she contacted us cold call, and we were promised a fixed rate loan, no problem, get to closing and it turned out to be an ARM @12% interest with 3 year adjustment, my wife had a few things on her credit that was paid off so according to Trish that we can refinance at a good rate in 1 year, Great! Now we have good credit, no late payments on anything and I mean everything. also extra used funds to put in a new septic system & other improvements so we can get ready to refinance at 95% of value next year as Wells Fargo will do that, but for them to get around that, they have their own appraiser and he will low ball the appraisal, We had house appraised for $90,000 a few months earlier by another appraiser, (but that deal did not go through), and Wells Fargo says it is only worth $70,000 and that was before/after many expensive updates.
Now comes April of 2009 and we were contacted by David Olson one of the managers at the Grand Rapids, mi. branch and said we are ready to roll this loan into a 4.5% 30 year mortgage, $7500, in closing costs, very high but he said was negotable Great! so we sent all the paperwork in, in April which was all there, and David also said the sooner we get our paperwork in the sooner we close this loan, so I did just that, then 05/28/09 comes along and we finally got the Truth in lending Disclosure, Great! every thing looks good, the terms and everything were good for us.
Ok, now that the home still needed a little work to be perfect, I finished some small projects and still needed to complete the garage, siding, electrical, wood floors, landscaping, etc. so I contacted David Olson and he said the loan is all approved and just waiting on the appraiser, so I waited for a few weeks and asked David Olson again what was going on?, again he said the loan has been approved and still waiting on the appraiser, busy guy, so I asked if I could get my own appraiser and he said no. and David Olson advised me to borrow money to finish your home before the appraiser gets there to get the best appraisal, OK, borrowed about $5000 to finish home and everything was good to go now, just waiting on the appraiser. Now I also asked David if we should get another fianace company to refinance since they were having trouble getting a appraiser here and David said just be patient, the loan is all approved and the appraiser will be there/well this went on all summer, if I would have known this guy was lying to me, I would have found another finance company, but I would have 2% prepayment penalty on the loan , so we would just stick to the plan.
Ok now here comes 08/31/09 a refusal letter stating that we insuffceint income, which we did not a year before and excesive obligations, yes that is true but since we borrowed money to fix up home, thanks to David Olson's advise, I would think that would be expected, since I was going to pay off all debt with loan proceeds and we are on a good path to great credit, I have been borrowing money to pay some bills till this loan went through, well since the loan did not go through, I cannot pay my unsecured debt Now I am in big trouble, it is my fault for listening to these lies from David Olson and Wells Fargo. should have seen it coming.
Ok, now comes the Home Affordable Modification Loan since our income has dropped $900.per month due to my tenants not paying and the overwhelming unsecured debt ( my wife is a Vet and we are both on Social Security fixed income due to disability's), that was 09/11/09 We sent all required info for the Home Affordable Modification to Kerrie Holst and on 11/04/09 Kerrie Holst needed more info, we sent that out promptly and about a week later Karrie Holst called me and said we do not qualify for the Home Affordable Program, we received too much money and the payment would go UP instead of down, I then asked her if there is another way of getting this home in a good loan, and she said it was in a good loan and 12% ARM is a very good rate? WHAT? and she kept insisting me that she trying her best to help me? WHAT?, well that conversation did not end well.
1. OK now check out these 3 situations- 02/18/08 had good credit except wife, not too bad, promised a fixed rate-we get 12% ARM 40 year $675 a month, Ok no problem say Trishia Hunt, at time promised us refinance next year when these marks are off of credit.
2. now we apply for a good loan all credit issues cleared up, April 2009 4.5% 30 year fixed-$399.51 a month, down from $675.00 mo. perfect! come 08/31/09, got refused for this loan, findings-could not afford this loan/payment? WHAT?
3. Now we apply for the Home Affordable Modification 11-09, since our monthly income went down $900 a month, got refused because we receive too much money and the payments would go UP from $675. month, instead of down, Well That is our nightmare with this bank. I don't get it? please help!!
This report was posted on Ripoff Report on 03/02/2010 09:25 AM and is a permanent record located here: https://www.ripoffreport.com/reports/wells-fargo-bank-na/kentwood-michigan-49546/wells-fargo-bank-na-david-olson-lied-to-get-customer-to-believe-him-kentwood-michigan-576633. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#5 Author of original report
Wells Fargo still sucks
AUTHOR: Wells Fargo Sucks! - (USA)
SUBMITTED: Friday, May 06, 2011
No Comment at this time, picture tells all
#4 Author of original report
24 lies my lender WF told me
AUTHOR: Wells Fargo Sucks! - (USA)
SUBMITTED: Thursday, November 25, 2010
Wells Fargo Financial solicit me and with positive attitude towards making a good deal for me. They made me feel comfortable and they act sincere, pushing their game, they let me believe this loan was approved for about 5 MONTHS, Just waiting for the appraisal, I feel that Wells Fargo Financial has used me and my good intent, just have to keep a grasp onto- for a possible deal till something breaks, and it will not be Wells Fargo Financial,-But playing with my numbers for their gain, -predatory lending? Hell NO! Just getting hosed!
And what about the shell games played by these many Banksters, that were brought on by the big banksters they messed stuff up so well that I lost up $175,000. in home equity and my good credit standing. What is going to be their next move?
24 lies my lender told me
2008
1 Hi I want to be your lender!
2 I have a good deal for you!
3 your loan will be fixed rate!
4 12% 3yr ARM is a good deal!
5 we can refinance you at 95% of appraisal!!
6 we will ROLL this ARM into 4.5% 30yr loan in one year!
Now April 2010
7 your approved for 4.5% 30yr home loan
8 we can refinance at 95% of home value
9 you can rely on your appraisal!
10 your loan is all approved!
11 your closing costs are negotiable!
12 your loan is all approved!
13 Don't worry-your loan is all approved!
14 do not call another bank, your loan is all approved!
15 will close on loan in a few weeks!
16 your loan is all approved!
17 everything is all good- your loan IS APPROVED!
18 the appraiser will be calling you within a week or so!
19 your loan is all approved!
20 just waiting for the appraiser!
21 your loan is all approved!
22 still waiting for appraiser!
23 your loan is all approved!
24 just be patient-your loan is all approved!
Now August 2010
OK, -5 MONTHS later- they finally told me the truth
your are not approved!
do not have enough income! * (when I had more income and still have more equity in the home)
Late 2010
Now the HOME MODIFICATION Thank God NO!
you have too much income! * (when I had much less income and still more equity in home)
WHAT??? I'm not ungrateful - But they are like robots-they all have the same answers, seems to be from the same script , and will say anything you want to hear,
I would have asked another lender that may have been serious and honest, to help me with a home loan- within a reasonable time frame of coarse.
#3 Author of original report
well?
AUTHOR: Wells Fargo Sucks! - (United States of America)
SUBMITTED: Tuesday, March 02, 2010
Then it just goes to prove that Wells Fargo
/employees lied to me Trishia Hunt and David Olson jr told me and my wife that they will refinance up to 95% of appraised value, So me being just the average consumer should know different?
#2 General Comment
I know what has happened
AUTHOR: IamGood - (USA)
SUBMITTED: Tuesday, March 02, 2010
Never, Never borrow money for anything while a home loan is in the process. This is the kiss of Death for any loan. I knew people who went and bought furniture on their credit cards before they closed. The Bank checked their credit before they closed, and found their credit card balance increased, and they then denied the loan.
It seemed that your loan processor wanted you to make the improvements to the house so that the apprasior would value your house at a higher value. Refinancing will only allow you to refinance your house at 80% of the value. If you house is valued at 100,000.00 they will only allow you to refinance 80,000. If your curreent loan is higher than 80k you will have to come up with cash down to do it. The higher the house is appraised at, the more you can borrow against it.
I dont know where you got this 95% from, but nobody does 95%, nobody. By law all refinances must be 80%.
Sorry dude, you should have done your research
#1 Consumer Comment
What?
AUTHOR: Robert - (U.S.A.)
SUBMITTED: Tuesday, March 02, 2010
You agreed to a ARM on them saying that you can refinance in a year. And at that time that may have been the case. However, in that year home values went DOWN all over the country, so yes your house would appraise for less. On top of that criteria for credit INCREASED so while you may have had sufficent income and credit for the loan previously, due to tighter restrictions you no longer did.
The other question is you said your tenants weren't paying. So are you trying to get a loan on the property of the tenants? Because if you are renting it out that is considered "investment" property and all of the assistance programs only deal with "owner occupied" homes. The same goes(I believe) if you are sharing the house and renting out a portion of it, in that this may also automatically decline you from certain assistance programs. If this is a second home, having that asset may be enough to also deny you any assistance through programs, and you may need to think about selling that house if you are having financial issues.
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